SEBA Bank Receives Conditional Approval for Crypto Services in Hong Kong

Infinite Block Launches Ethereum Staking Service for CorporationsSouth Korean blockchain fintech company Infinite Block announced on Monday (local time) that it has opened a custody-based Ethereum staking service offering corporate clients the ability to earn passive income through their Ethereum holdings.Photo by Choong Deng Xiang on Unsplash“This launch is significant as it is the first-ever staking service exclusively for corporations in the domestic blockchain industry, lowering the technological barriers to blockchain access,” said Jeong Gu-tae, CEO of Infinite Block.Secure Ethereum stakingThe service will be offered on the company’s proprietary custody platform KARBON, and businesses can stake their Ethereum holdings and share a 4% annual yield of their investment with KARBON at an agreed ratio. They can benefit from the security and convenience of earning rewards during the staking period without ever having to entrust their custodial assets to an external wallet address, the company said.Customers utilizing KARBON will not only have access to secure storage of their assets but will also be able to save on fees through staking.“Starting with Ethereum, we will gradually expand our staking services, focusing on highly reliable virtual assets,” Jeong explained.Boosting credibilityThis comes after the company obtained ISO 27001 certification for the information security management system of its upcoming blockchain platform from Lloyd’s Register Quality Assurance (LRQA), a UK-based global assurance provider.

Wemade and Mystic Games to bring two new games to WEMIX PLAYWemade has signed a deal with game development studio Mystic Games to onboard Mystic Games’ two new blockchain role-playing games (RPG), Call of the VoYd and Heroes of the VoYd, to WEMIX PLAY, Wemade’s blockchain gaming platform, according to an official announcement by WEMIX on Tuesday. Mystic Games is a subsidiary of the Swedish gaming company App Creation Experts and the first Swedish firm to onboard WEMIX PLAY.Photo by Priscilla Du Preez 🇨🇦 on UnsplashForging a future of versatile gaming experiencesMystic Games plans to implement inter-game play mechanisms between the two games, meaning that tokens and NFTs from both games can be used interchangeably.“We believe in a future where your time and skill in gaming can be just as valuable as your time spent working and with other hobbies,” said Matthew Buxton, CEO of Mystic Games. “We look forward to a bright future together.”This collaboration signifies WEMADE’s foray into the Swedish gaming market and aims to bring innovative and fun blockchain gaming experiences through Mystic Games’ titles on the WEMIX PLAY platform.Engaging adventuresCall of the VoYd is an active roguelite survival shooting game that involves battling various characters from beasts of ancient worlds to futuristic monster robots. Heroes of the VoYd offers a similar experience where players can battle monsters, but it mainly differs in its idle gameplay.

Singaporean Regulator Proposes Framework for Digital Money UseThe Monetary Authority of Singapore (MAS) has released a White Paper that outlines proposed standards for the use of digital assets. The aim is to establish a common protocol and conditions for the utilization of these assets.While the paper identifies the potential digital assets bring in streamlining transactions and promoting financial inclusion, it also outlines challenges that need to be addressed before digital money can be successfully implemented.Photo by Pixabay on PexelsPurpose Bound Money (PBM)MAS’s White Paper, which was published on Wednesday, provides requirements to protect the use of digital assets as a medium of exchange and offers a technical overview of Purpose Bound Money (PBM). PBM allows the sender of digital money to specify certain conditions such as validity periods or how the money can be spent.The covered digital monies include central bank digital currencies (CBDCs), tokenized bank deposits, and potentially well-regulated stablecoins, excluding digital assets that it considers volatile such as Bitcoin. These digital monies are generally pegged to real-world currencies, commodities, or financial institutions, making them more stable.MAS highlights that PBMs utilize a common protocol compatible with different ledger technologies and forms of money. This protocol enables money to be directed toward a specific purpose without requiring the money itself to be programmed. It functions as a secure two-layered delivery vehicle, with funds held as collateral in a “wrapper” until specific conditions are met for its release.Standardized formatThe standardized format outlined in the White Paper will allow users to access digital money using their preferred wallet provider. By establishing these standards, the prospects for digital money to become a significant component of the future financial and payments landscape are enhanced. Standardization and regulated use of PBMs can unlock economic value, facilitate efficient and inclusive digital transactions, and provide additional consumer protection.One notable application of PBMs is in protecting online payments, such as e-commerce transactions and prepaid packages. With PBMs, advance payments can be securely held until the service is fulfilled, ensuring that the product or service is delivered before funds are released. This benefits both consumers and merchants, assuring consumers of product delivery and allowing merchants to verify payment before delivering.PBMs can also aid businesses in mitigating risks associated with international trade transactions, ensuring secure and efficient payments while reducing the potential for fraud or non-payment.InteroperabilityTo ensure the safety and usability of digital monies, MAS highlights considerations that will impact PBM implementation. Interoperability across different platforms is crucial to avoid fragmentation and excessive fees. The choice of underlying digital currencies also affects usability and value, with CBDCs, tokenized bank liabilities, and stablecoins offering varying levels of guarantees and regulatory oversight. Additionally, privacy, digital readiness, and the impact on users need to be carefully assessed.MAS acknowledges that the regulatory landscape for digital monies is still evolving globally, which may lead to varying regulatory treatment of PBMs across jurisdictions. It believes that policy considerations should be thought through when designing PBM-based solutions, including decisions regarding issuance, distribution, and conditions for use.